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Conditions are changing hour-by-hour, and the end is unclear. It's essential to rely on your advisory team to help maneuver through each challenge and capitalizing on opportunities as they arise.
COVID-19 Small Business Recovery Loan Fund Now Available in Massachusetts
The Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund. The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.
Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties. Businesses can apply for loans up to $75,000.
How to Apply: Complete the application found on MGCC’s website: EmpoweringSmallBusiness.org
Completed applications can be sent via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund”.
MGCC can be reached by email: mgcc@massgcc.com
SBA Economic Injury Disaster Loans
Eligible businesses in all Massachusetts counties are eligible to apply for SBA Disaster Loan assistance. RI & CT are also approved. Some counties in NY,NH, VT are also approved.
This loan program is very different from traditional SBA programs: it is not done through banks, is done through the SBA directly. There are no SBA fees. The program goes up to $2M and interest is 3.75% for non-profits and 2.75% for nonprofits, which are normally excluded from SBA.
To apply or see if your county is eligible to apply, visit https://disasterloan.sba.gov/ela. You can also access SBA Disaster Customer Service at (800) 659-2955.
List of Approved Banks for SBA Loans
CDC Learn More About COVID-19
Learn more at Centers for Disease Control relating to COVID-19: https://www.cdc.gov/coronavirus/2019-ncov
DOL FAQ’s & Guides
DOL Effects Under FMLA
Effects on wages and hours worked under the Fair Labor Standards Act and job-protected leave under the Family and Medical Leave Act: https://www.dol.gov/agencies/whd/pandemic
DOL Expanded Family and Medical Leave Requirements
Families First Coronavirus Response Act: Employer Expanded Family and Medical Leave Requirements: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
DOL Families First Coronavirus Response Act Q&A
DOL Families First Coronavirus Response Act Q&A: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
OSHA COVID-19 Overview
Infection prevention information specifically for workers and employers, and is actively reviewing and responding to any complaints regarding workplace protection from novel coronavirus, as well as conducting outreach activities: https://www.osha.gov/SLTC/covid-19/
SHRM Coronavirus Information and FAQs
Society of Human Resource Management: https://www.shrm.org/ResourcesAndTools/legal-and-compliance/employment-law/Pages/coronavirus-information-and-FAQs.aspx
MA Unemployment FAQs: Reduced Employee Hours
Borrower Paycheck Protection Program Application
Over the past several weeks, we've spoken with companies, some in a strong position, and others with futures that are uncertain. Although every business is unique, our hope is this guide will provide meaningful discussion topics and provide a guiding light through the fog. As always, If you have any additional questions or concerns, please contact us directly. We are here to help.
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